Texas Instruments Fights $48 Million Foreign Intangible Tax Bill
Texas Instruments, a leading analog semiconductor producer, is suing the IRS over $48 million in tax deficiencies for 2018 and 2019. The company claims the IRS incorrectly adjusted deductions related to foreign-derived intangible income, as provided by IRC Section 250. This legal challenge seeks an overpayment refund for both tax years.
https://news.bloombergtax.com/daily-tax-report-international/texas-instruments-fights-48-million-foreign-intangible-tax-bill